Clear Secure (YOU) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 27.8% YoY to $292.9M and Total Bookings increased 24.4% to $323.5M.

• Active CLEAR+ Members reached 8.474M, up 14.5% YoY; Total CLEAR Members reached 46.741M, up 30.7%.

• Adjusted EBITDA was $103.9M at a 35.5% margin; net income was $75.3M.

Financial highlights

• Q3 revenue was $292.9M vs. $229.2M; operating income was $82.9M vs. $52.6M, up 58% YoY.

• Q3 net income was $75.3M vs. $45.1M; diluted EPS was $0.52 vs. $0.29.

• Adjusted EBITDA was $103.9M vs. $70.1M; margin was 35.5% vs. 30.6%.

• Q3 operating cash flow was negative $98.6M and Free Cash Flow was negative $103.8M, reflecting the ~$315M partnership-liability settlement.

• 9M operating cash flow was $293.0M and Free Cash Flow was $270.6M.

Outlook and guidance

• Q4 revenue guidance is $299M–$302M and Total Bookings guidance is $335M–$340M, representing midpoint YoY growth of 24.8% and 17.6%, respectively.

• FY2026 Free Cash Flow guidance increased to at least $490M from at least $480M, implying at least 42.8% YoY growth; Adjusted EBITDA margin expansion remains expected.

• Q4 guidance excludes potential large CLEAR1 contracts because signing dates are difficult to forecast; larger deal sizes may make bookings uneven.

• Available cash, securities, operating cash flow and credit were expected to cover working capital, capex, dividends, potential repurchases and known commitments for at least 12 months.